Comcast broadband losses deepen as competition pressures core business
Comcast lost 144,000 broadband customers in the third quarter, more than analysts expected, while adjusted profit of $1.07 per share beat estimates. Media revenue rose 13% to $5.36 billion, and Peacock posted a $261 million quarterly pre-tax profit.
1. Broadband losses exceed estimates
Comcast lost 144,000 broadband customers in the third quarter, compared with analysts’ estimate of 116,800 losses and a 91,000 decline a year earlier. Aggressive price cuts by AT&T and smaller fiber providers are making it harder for Comcast to retain subscribers without heavy discounts.
2. Media business gains
Comcast’s media division revenue rose 13% to $5.36 billion, driven by soccer World Cup programming and “Love Island USA” on Peacock. Peacock reported quarterly pre-tax profit of $261 million, compared with a $217 million loss a year earlier. “The Odyssey” became Universal Studios’ highest-grossing film and helped drive the unit’s pre-tax profit up 18.6%.
3. Theme parks and planned spinoff
NBCUniversal’s theme park unit revenue fell 4.4% to $2.60 billion, below analysts’ average estimate of $2.71 billion, as demand weakened in Orlando and geopolitical tensions continued to deter Chinese tourists from visiting Japan. Comcast’s media businesses, including its studios, theme parks and Peacock, are set to separate in a planned NBCUniversal spinoff by mid-2027. Comcast reportedly plans significant layoffs to restructure its connectivity business.
